Stockwatch Daily: It had to end sometime...

Six days of up, up, up on Nasdaq ends in down, down, down in Europe as bourses return to normality...

Six days of up, up, up on Nasdaq ends in down, down, down in Europe as bourses return to normality...

European markets opened lower this morning, dragged down by the end of the Nasdaq's six day winning streak in the US. However, the markets retained some confidence, registering only small falls despite large losses on US exchanges yesterday. The FTSE 100 opened down less than 0.1 per cent. Tech shares were hit slightly harder, with the TechMark falling 0.5 per cent before 09:00(BST). In Europe high-tech bourses also fell, with the German Neuer Markt losing 0.5 per cent. In London, the IT sector suffered, though telecoms companies escaped the blood-letting. Vodafone rose one per cent, along with Marconi - up 0.1 per cent. Accountancy software firm Sage suffered most severely, down 2.7 per cent, with chipmaker ARM also falling two per cent. The US markets yesterday were characterised by widespread profit taking after an astounding run of form which saw the Nasdaq hit its highest level since February. The Nasdaq closed down 70 points - over three per cent - and the Dow Jones also faltered, falling 1.4 per cent.